‘US will take control of Straits over time’: US Treasury Secretary amid tensions over Iran

US Treasury Secretary Scott Bessent said Washington will soon take over transit routes such as the Strait of Hormuz and added that the oil market is stable.

Updated on: Mar 30, 2026 6:39 PM IST

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US Treasury Secretary Scott Bessent said on Monday that the global oil market remains “well supplied” despite ongoing tensions linked to the Iran conflict, noting an increase in vessels moving through the Strait of Hormuz.

US Treasury Secretary Scott Bessent said several countries have cut their deals with Iran, which is building supply of oil in the global market. (REUTERS/File)

“Over time, the U.S. is going to retake control of the Straits and there will be freedom of navigation, whether it is through U.S. escorts or a multinational escort,” Bessent said in an interview with Fox News.

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He added that authorities are seeing increased oil supply as several countries have cut deals with Iran, stating that any supply will be helpful at this point. His remarks come amid heightened geopolitical tensions in the region, where the Strait of Hormuz – a critical oil transit chokepoint – has remained a focal point of the Iran-US standoff.

Bessent has repeatedly defended the Trump administration’s strategy in the ongoing conflict, saying the United States has “plenty of money” to fund military operations against Iran, while also seeking additional support from Congress.

ALSO READ | US has 'plenty' of funds for Iran war, but seeks more from Congress, says US treasury secy

The administration has argued that maintaining strong military and naval presence is key to securing global energy routes and stabilising markets. At the same time, Bessent has backed moves to ease sanctions on Iranian and Russian oil, suggesting that increased supply from multiple buyers could prevent sharp price spikes and reduce revenue concentration.

Bessent had earlier also said President Donald Trump is “defanging the Iranian regime” and willing to escalate if necessary to secure strategic objectives, including ensuring access through the Strait of Hormuz.

ALSO READ | Amid growing war with Iran, US treasury secretary says Trump is ‘defanging Iranian regime’

The waterway has become a flashpoint in the war, with both sides trading threats over its control, and global markets have been sensitive to any disruption in oil flows. Despite these risks, Bessent maintained that current supply levels are sufficient.

(With inputs from Reuters)

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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